We examine whether worker representation on corporate boards results in improved monitoring or payroll maximization. Several economic theories predict that worker representatives would use control and voting rights in the boardroom to transform firm assets into private benefits and increased...

We propose and demonstrate a new method for validating proxies for accounting constructs. Our method consists of first identifying high-value observations, which are those statistically most responsible for generating a coefficient of interest, and second determining whether those observations...

We document several factors that help explain cross-sectional variations in the delayed price response to individual analyst forecast revisions. First, the market does not make a sufficient distinction between those analysts providing new information and others simply quot;herdingquot; toward...